Genentech downgraded at Prudential: Prudential said it is downgrading DNA to a Neutral Weight rating based on lower topline growth and EPS deceleration. Genentech downgraded at Deutsche: DNA was downgraded from Buy to Hold, Deutsche Bank said. $90 price target. Valuation call, as the company lacks significant catalysts after this latest quarter. Genentech outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DNA for the full year to $1.85 a share from $1.67 a share. Target raised to $92 a share. Maintained Overweight rating. National City downgraded at Friedman, Billings: NCC was downgraded to Underperform, Friedman, Billings Ramsey said. $33 price target. Acquisition of HARB adds risk to the company's business model. Also believe a First Franklin sale will not gain much of a valuation premium. Principal Financial Group downgraded at UBS: UBS downgraded PFG to Reduce from Neutral since it looks overvalued relative to its ROE outlook. Maintained $53 price target. Regal Entertainment upgraded at Bear: RGC was upgraded from Underperform to Peer Perform, Bear Stearns said. $19 price target. NCM carve-out should create value, and the company is also seeing higher advertising spending. Rockwood upgraded at Deutsche: Rating on ROC was boosted from Hold to Buy, Deutsche Bank said. $26 price target. Company is defensive, but also has attractive growth potential, as the U.S. economy slows. Sohu.com upgraded at CIBC: SOHU was upgraded from Sector Perform to Outperform, CIBC said. Valuation call. Selloff on wireless concerns has been overdone. $28 price target. Wrigley downgraded at Credit Suisse: Credit Suisse said it is downgrading WWY to Neutral from Outperform due to the weak performance of new products and acquired Kraft confectionary brands. Reduced 2006/2007 estimates 5 cents each to $1.95/2.16 and lowered price target to $43.
STOCK COMMENTS / EPS CHANGES
AmerisourceBergen estimates raised at UBS: UBS raised its 2006 estimates on ABC a penny to $1.94 and 2007 estimates a penny to $2.29. Maintained Neutral rating.